RedHoek&Partners Secures $12M Construction Loan For Development Site In Red Hook, Brooklyn
379 Van Brunt Street
$12,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 8, 2023
AI
RedHoek+Partners, represented by Lee Cohen, secured a $12 million new construction loan from S3 Capital for the development building at 379 Van Brunt Street in Red Hook, Brooklyn. The development site has a buildable square footage (BSF) of 15,599 and is located in the Red Hook market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,000,000
- Lender: Joshua Crane - S3 Capital
- Landlord: Lee Cohen - RedHoek+Partners
S3 Capital provided the $12 million new construction loan to RedHoek+Partners for the development site at 379 Van Brunt Street. Represented by Lee Cohen, RedHoek+Partners successfully secured the financing for the project in Red Hook, Brooklyn.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93